By Devika Patel
Knoxville, Tenn., Dec. 18 – Avista Corp. issued $90 million of 30-year 3.91% first mortgage bonds in a private placement on Dec. 14, according to an 8-K filed with the Securities and Exchange Commission.
Proceeds will be used to repay debt under the company’s $400 million line of credit.
In connection with the pricing of the bonds in September, the company cash settled five interest rate swap derivatives and paid a net amount of $8.8 million, which will be amortized as a component of interest expense over the life of the debt.
Avista is a Spokane, Wash.-based energy company.
| Issuer: | Avista Corp.
|
| Issue: | First mortgage bonds
|
| Amount: | $90 million
|
| Maturity: | Dec. 1, 2047
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| Coupon: | 3.91%
|
| Call: | Make-whole call at Treasuries plus 50 bps until June 1, 2047, then a par call
|
| Settlement date: | Dec. 14
|
| Distribution: | Private placement
|
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